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CERAWeek
mood turns against Iran conflict
By Frank
Kane, Shruthi Nair
March 25,
2026, 10:17 PM
Sentiment
has turned sharply against the war with Iran among the US energy and business
leaders attending the CERAWeek conference, with many warning of severe
consequences for the global economy and oil markets.
After two
days of discussions in Houston Texas, support for the conflict appears largely
confined to the US administration and its political base. Industry figures
point to rising volatility and the risk of demand destruction amid oil price
surges and disruption to flows through the Strait of Hormuz.
Richard
Haass, a former US diplomat, told a conference session the conflict risked
following the logic of the Vietnam war.
“When the
US doesn’t win, it loses. When the Iranians don’t lose, they win,” he said,
arguing that Tehran was “fighting on the battlefield of the global economy”.
Vali
Nasr, professor of Middle East studies at Johns Hopkins University, warned that
the fallout would be particularly damaging for Gulf economies. He offered
radical suggestions including a jointly managed Hormuz transit system, although
these proposals drew scepticism among delegates.
Gulf
participation at the conference has been limited, but Kuwait Petroleum
Corporation chief Sheikh Nawaf Al Sabah took part via video link.
He
described Iranian attacks as “holding the world’s economy hostage” and
confirming that Kuwait had shut most of its oil production.
Al Sabah
also warned that output could take months to recover even if the conflict ended
immediately.
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